Mastering the Art of Spending Money - Morgan Housel - #1055
Morgan Housel is a partner at The Collaborative Fund, an investor and an author.
Why is spending money well a skill most people never learn? In a world obsessed with saving, why does saying “it’s okay to spend” still feel taboo? What can high performers teach us about investing not just money, but time, energy, and attention wisely?
Expect to learn why it’s important to talk about how to spend money well when learning about personal finance, why good financial ideas struggle to spread while bad ones travel effortlessly, what Morgan’s definition of success is, how much modern dissatisfaction comes from comparing ourselves to people we don’t actually want to be like, the real relationship between money and happiness with nuance, why it’s so hard to find people who have managed to be wealthy, successful, happy and peaceful, and much more…
Timestamps:
(0:00) What Your Spending Habits Say About You
(6:28) Will a Big House Make You Happy?
(10:22) The Surprising Truth About Money and Happiness
(21:35) Is Wealth Actually Measurable?
(28:11) Why We’re So Hard On Ourselves About Money
(34:01) The Relationship Between Money and Status
(39:59) Can You Train Yourself to Feel Financially Content?
(49:46) What Really Makes People Happy?
(54:13) Is Inheritance a Hidden Burden?
(01:04:59) The Smartest (and Dumbest) Ways to Spend Your Money
(01:12:03) The Transformative Power of Storytelling
(01:24:51) Why Anger Makes You Feel Superior
(01:32:29) Do Men and Women Build Wealth Differently?
(01:37:28) The Biggest Money Mistakes Parents Make
(01:42:49) How the Housing Crisis Shaped a Generation
(01:52:25) Why People Are Afraid to Spend Money
(01:59:34) Where to Find Morgan
Sponsors:
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Extra Stuff:
Get my free reading list of 100 books to read before you die: https://chriswillx.com/books
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Episodes You Might Enjoy:
#577 - David Goggins - This Is How To Master Your Life: lnkfi.re/SN-Goggins
#712 - Dr Jordan Peterson - How To Destroy Your Negative Beliefs: lnkfi.re/SN-Peterson
#700 - Dr Andrew Huberman - The Secret Tools To Hack Your Brain: lnkfi.re/SN-Huberm
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10 Years of Money Wisdom in 51 Minutes | Morgan Housel
Want the 4 money rules that changed Shaan's life? Get it here: https://clickhubspot.com/ugd
Episode 787: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to Morgan Housel ( https://x.com/morganhousel ) about the art of spending money.
Show Notes:
(0:00) Intro
(10:01) Don't cut your flowers
(15:38) the 2 ways to use money
(19:07) The freedom number
(23:49) Koch brothers story
(27:41) Performing for others
(33:38) The Total Man list
(41:59) the art of spending money
(49:42) 10 years of money wisdom in 60 seconds
—
Links:
• Morgan Housel books - https://www.morganhousel.com/
—
Check Out Shaan's Stuff:
• Shaan's weekly email - https://www.shaanpuri.com
• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.
• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!
Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC
• I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out:
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Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
• Sam’s List - http://samslist.co/
My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano
How to Know When You Have Enough, Build a Safety Net, and Spend Money Well — ft. Morgan Housel
In this special episode of Office Hours, Scott Galloway brings back Morgan Housel to answer your questions on “enough,” financial independence, and the art of spending. They discuss why our money goals keep moving, how to know when you can slow down, and why saving is really about buying independence, not things. Morgan also explains why holding extra cash can be a smart emotional hedge, while Scott shares how he spends today and what he wishes he’d known earlier.
Morgan’s latest book, The Art of Spending Money: Simple Choices for a Richer Life, is out now.
Want to be featured in a future episode? Send a voice recording to officehours@profgmedia.com, or drop your question in the r/ScottGalloway subreddit.
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How to Talk About Money, Raise Independent Kids, and Build Real Wealth — ft. Morgan Housel
In this special episode of Office Hours, Scott brings on Morgan Housel, bestselling author of The Psychology of Money, to take your questions on love, parenting, and financial independence.
They discuss how income gaps affect relationships, the moral gray zone of college admissions consulting, and why the best investment you can make in your 20s isn’t in stocks — it’s in habits.
Morgan’s latest book, The Art of Spending Money: Simple Choices for a Richer Life, is out now.
Want to be featured in a future episode? Send a voice recording to officehours@profgmedia.com, or drop your question in the r/ScottGalloway subreddit.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
The Art of Spending Money: How to Get Rich and STAY Rich | Morgan Housel
How do you spend money in ways that actually make life better?
Morgan Housel, author of the new book The Art of Spending Money, explores status vs. satisfaction, the hedonic treadmill, and why money’s best use is buying independence.
We also cover quiet compounding, a practical 15-stage path to financial freedom, when to spend vs. save, helping kids without spoiling them, and small experiments that raise the utility of every dollar.
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------
TIMESTAMPS
0:00 Intro
2:29 Who’s The Book For?
5:49 There’s No Universal Formula
12:59 What People Want
19:36 Money as a Curse
22:03 Taking a Step Off
26:59 Holding vs Spending
30:26 Identity Traps
33:50 Secret to Contentment
37:32 External vs Internal Benchmarks
40:41 Making an Impact
42:37 Social Debt
50:51 Quiet Compounding
55:10 Financial Freedom
1:02:20 Money & Parenting
1:09:48 Balancing Saving & Spending
1:14:44 Small Purchases
1:16:59 Trying New Things
1:19:29 Morgan’s Financial Decisions
1:21:37 Closing & Disclaimers
------
RESOURCES
Morgan Housel
https://x.com/morganhousel?lang=en
The Art of Spending Money
https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/0593716620
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
12 Unexpected Laws Of Human Psychology - Morgan Housel - #746
Morgan Housel is a partner at The Collaborative Fund, an investor and an author.
The world continues to change, but the hairless apes that inhabit it stay the same. So there must be some laws of human psychology which remain true, no matter what time and place you're in, and today we get to go through some of the most fascinating ones.
Expect to learn what reasonable optimism looks like, the difference between overnight tragedies and long term miracles, what we can learn by the divorces of the richest men on the planet, how people become victims of perfection, why most competitive advantages eventually die and much more...
Sponsors:
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Timestamps:
(00:00) What is Rational Optimism?
(01:15) The Benefits of Stress for Innovation
(11:04) Good News Takes a Lot of Time
(14:51) Why Is Bad News More Memorable?
(21:25) Progress Requires Pessimism & Optimism
(28:55) Hiring the Greatest Leaders
(35:30) What Do You Think is Productive But Isn’t?
(41:58) Good Things Are Supposed to Be Hard
(51:56) Most Competitive Advantages Die Out
(59:21) Never Discount the Potential of New Technology
(1:04:12) Why Success Looks Easier than it is
(1:10:57) Incentives Are the Most Powerful Force in the World
(1:16:20) Nothing is More Persuasive than What You Personally Experience
(1:20:02) The Tension of a Long-Term Mindset
(1:31:07) Why Humans Are Seduced by Complexity
(1:34:32) Who Would You Be if You Were Born to Different Parents?
(1:40:23) Why the Richest People in the World Are Divorced
(1:47:20) Where to Find Morgan
Extra Stuff:
Get my free reading list of 100 books to read before you die: https://chriswillx.com/books
Try my productivity energy drink Neutonic: https://neutonic.com/modernwisdom
Episodes You Might Enjoy:
This Is How To Master Your Life - David Goggins - #577: lnkfi.re/SN-Goggins
How To Destroy Your Negative Beliefs - Dr Jordan Peterson - #712: lnkfi.re/SN-Peterson
The Secret Tools To Hack Your Brain - Dr Andrew Huberman - #700: lnkfi.re/SN-Huberman
-
Get In Touch:
Instagram: https://www.instagram.com/chriswillx
Twitter: https://www.twitter.com/chriswillx
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Email: https://chriswillx.com/contact
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The Investment Strategy To Build Generational Wealth (ft. Morgan Housel)
Episode 533: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) talk to Morgan Housel about the psychology of building generational wealth and the one strategy that works better than any 20% return.
No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd
—
Show Notes:
(0:00) Intro
(2:30) Strive for averageness
(12:00) Financial anti-goals
(14:30) Sam and Morgan argue about money and anxiety
(17:30) Biggest psychological trap with money
(22:00) The biggest risk no one is talking about
(26:00) Worry about what doesn't change
(29:00) How to action sameness
(32:00) Morgan's history book diet
—
Links:
• Same as Ever - https://tinyurl.com/2zd2u9mt
• Psychology of Money - https://tinyurl.com/yc423xct
—
Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
Check Out Shaan's Stuff:
• Try Shepherd Out - https://www.supportshepherd.com/
• Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant
• Power Writing Course - https://maven.com/generalist/writing
• Small Boy Newsletter - https://smallboy.co/
• Daily Newsletter - https://www.shaanpuri.com/
Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
—
Other episodes you might enjoy:
• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits
• #209 Gary Vaynerchuk - Why NFTS Are the Future
• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
• #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett
• #218 - Why You Should Take a Think Week Like Bill Gates
• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More
• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Conversation with Morgan Housel — Behaviors that Influence our Money Decisions and Habits
Morgan Housel, a partner at The Collaborative Fund, and the bestselling author of “The Psychology of Money,” joins Scott to discuss his new book, “Same as Ever: A Guide to What Never Changes.” They get into topics including what to think about when buying a house, how to make healthier financial decisions, and the role money plays in our happiness.
Scott opens with his thoughts on the importance of the US and China’s relationship. He also discusses why thinks the new AI wearable on the market will be a thud.
Algebra of Happiness: focus on exercise.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
9 Timeless Lessons About Human Psychology - Morgan Housel - #707
Morgan Housel is a partner at The Collaborative Fund, an investor and an author.
The world continues to change, but the hairless apes that inhabit it stay the same. So there must be some laws of human psychology which remain true, no matter what time and place you're in, and today we get to go through some of the most fascinating ones.
Expect to learn the problem with the way most people make predictions, who exactly are the reasonable optimists, whether anyone was able to predict the great depression, just how different median income for families differs from the 1950s to today, why trajectory is much more important than position, why stories are more powerful than statistics and much more...
Sponsors:
Get 15% discount on the best Colostrum from ARMRA at https://tryarmra.com/modernwisdom (use code: MODERNWISDOM)
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Get $150/£150 discount on the Eight Sleep Pod Cover at https://eightsleep.com/modernwisdom (discount automatically applied)
Timestamps:
(00:00) What People Get Wrong When Making Predictions
(03:50) The Fragility of History
(15:35) Having a Positive Relationship with Risk
(20:50) The World is Driven By Envy
(25:04) Why You Can’t Base Happiness Off Wealth
(32:39) The Mental Difficulty of Maintaining Success
(41:56) How to Feel More Content With Life
(51:58) Why People Desire Certainty
(1:00:43) How Successful People Made Huge Decisions
(1:07:30) How Morgan Writes His Books
(1:18:40) Our Own Logic Can Lead Us Astray
(1:26:15) Calmness Precedes Craziness
(1:35:09) Are We Competing Against Other Generations?
(1:42:10) Life Lessons From the Tallest Man Ever
(1:47:07) Where to Find Morgan
Extra Stuff:
Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/
Buy my productivity energy drink Neutonic: https://neutonic.com/modernwisdom
Episodes You Might Enjoy:
This Is How To Master Your Life - David Goggins - #577: lnkfi.re/SN-Goggins
How To Destroy Your Negative Beliefs - Dr Jordan Peterson - #712: lnkfi.re/SN-Peterson
The Secret Tools To Hack Your Brain - Dr Andrew Huberman - #700: lnkfi.re/SN-Huberman
-
Get in touch.
Instagram: https://www.instagram.com/chriswillx
Twitter: https://www.twitter.com/chriswillx
YouTube: https://www.youtube.com/modernwisdompodcast
Email: https://chriswillx.com/contact/
Learn more about your ad choices. Visit megaphone.fm/adchoices
196 - 10 Timeless Lessons for Crypto Investors With Morgan Housel
Welcome back to Bankless, Morgan Housel. Morgan has written "The Psychology of Money", and most recently "Same As Ever" which discuss the dynamics and psychology around money and markets.
In this episode Morgan drops lesson after lesson that you can apply to your own investing strategies and life broadly. It's a masterclass that is sure to have you reflecting on the decisions you make as we enter what may possibly be the next bull market.
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------ TIMESTAMPS
0:00 Intro 6:49 History Always Repeats 11:44 Can We Break The Cycle? 16:49 THE BEAR MARKET 21:20 Psychology Of Investing 26:45 The Value Of Hard Things 29:26 Attaching Identity To Ideas 36:52 Markets Have Memory 42:23 The Key To Being Happy 47:27 Competing Against Yourself 55:32 Our Relationship With Money 58:51 The Power Of Incentives 1:04:48 Don't Try Too Hard 1:11:19 Investing Strategies 1:15:09 The Value of Imperfection 1:20:43 Optimism and Pessimism 1:24:41 Crypto's Barbell Thesis 1:27:53 Good Things Happen Slow, Bad Things Happen Fast 1:33:27 Final Bit Of Advice
------ RESOURCES
Book: https://www.morganhousel.com/
Morgan: https://twitter.com/morganhousel
Morgan Last on Bankless: https://youtu.be/9VflkmluTVQ
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Morgan Housel
We sit down with Morgan Housel, who is one of our very favorite authors and has also become a good friend of the show over the past few years. Morgan’s last book The Psychology of Money had a huge impact on both of our personal financial philosophies (and by extension Acquired’s!), and Morgan was kind enough to give us an advance copy of his new book launching tomorrow, Same as Ever. It’s equally as good, and maybe even more relevant in the current environment for thinking about what’s not going to change as we cycle through vastly different macro financial environments. Tune in and enjoy!
Links:
Morgan’s new book Same as Ever
The Psychology of Money
Morgan’s blog on Collaborative Fund and on Twitter
Morgan’s new podcast!
Sponsors:
Sierra: https://bit.ly/acquiredsierra
The Savings Expert: “Do Not Buy A House!”, How To Turn £100 Into £1.5m Without Effort: Morgan Housel
Will money make you happy? How much is really enough? And how much should you save? Too often people don’t have the answers for the biggest financial questions in life, until now.
In this new episode Steven sits down with world-renowned financial expert and best-selling author, Morgan Housel.
Morgan Housel is a partner at the Collaborative Fund, a leading venture capital firm with a focus on technological companies. He is also the author of the book, ‘The Psychology of Money’, which has sold over 4 million copies. MarketWatch named him as one of 2022’s 50 most influential people in financial markets.
In this conversation Morgan and Steven discuss topics, such as:
How happiness is being in control and having freedom
Why a lack of control can make your life crumble
Why nobody actually cares about your material possessions
The money games being played in society
Why you should rent your home until you have kids
His mission behind writing about money
Why your relationship with money defines you
How to gain introspection about your life and finances
The randomness of financial crises
Why you should have a deathbed perspective on work and savings
How embrace failure can lead to huge successes
The double life of billionaires: wealth and pressure
The cost of a stressful job on health
Why bad news travels faster
Why growth comes from challenges and disasters
How growth comes with stress and uncertainty
Slow habits and their long term effects
How personal tragedies shape life goals
Why you should balance wealth with wellbeing
Staying patient despite market upheavals
The need for big, terrifying goals in business.
The difference between being rich and feeling wealthy.
Why a rising income doesn’t lead to happiness
The meaning of authentic success
You can purchase Morgan’s most recent book, ‘Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life’, here: https://amzn.to/467d77x
Follow Morgan:
Instagram: https://bit.ly/3spU4HK
Twitter: https://bit.ly/40mE6uF
Flightfund:
https://flightfund.com/
If you enjoy hearing about how to master the world of finance, I recommend you check out my conversation with Ramit Sethi, which you can find here: https://www.youtube.com/watch?v=ORqd9QAC8OY
Follow me:
https://beacons.ai/diaryofaceo
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#702: Morgan Housel — Contrarian Money and Writing Advice, Three Simple Goals to Guide Your Life, Journaling Prompts, Choosing the Right Game to Play, Must-Read Books, and More
Brought to you by Cometeer delicious hyper-fresh, flash-frozen coffee; Momentous high-quality supplements; and LinkedIn Jobs recruitment platform with 900M+ users.
Morgan Housel (@morganhousel) is a partner at The Collaborative Fund. His book The Psychology of Money has sold more than three million copies and has been translated into 53 languages.
He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel.
Morgan’s new book is Same As Ever: A Guide to What Never Changes. You can find my first, widely popular interview with Morgan at tim.blog/morganhousel.
Please enjoy!
This episode is brought to you by Cometeer! Cometeer is hyper-fresh, expertly brewed, flash-frozen coffee that produces an incredibly delicious cup. Cometeer lets you prepare your coffee with no mess, no machines, no burning, and no bitterness. Cometeer sources high-quality beans from the country’s top roasters. The coffee is brewed using proprietary technology to pull out more flavor compounds and antioxidants. It’s then flash-frozen at minus 321 degrees Fahrenheit to lock in that incredible flavor and freshness of the specialty brew. Simply add hot water and you’ve got a game-changing cup of coffee. It’s easily customizable in seconds for iced coffees, lattes, espresso martinis, and more.
Order today at Cometeer.com/Tim, and listeners of this podcast will also receive a FREE 8-pack of Barista’s Choice, a rotating selection of limited-edition specialty roasts from world-class roaster partners like George Howell, Onyx, and Intelligentsia—names many of you will recognize.
*
This episode is also brought to you by Momentous high-quality supplements! Momentous offers high-quality supplements and products across a broad spectrum of categories, and I’ve been testing their products for months now. I’ve been using their magnesium threonate, apigenin, and L-theanine daily, all of which have helped me improve the onset, quality, and duration of my sleep. I’ve also been using Momentous creatine, and while it certainly helps physical performance, including poundage or wattage in sports, I use it primarily for mental performance (short-term memory, etc.).
Their products are third-party tested (Informed-Sport and/or NSF certified), so you can trust that what is on the label is in the bottle and nothing else. If you want to try Momentous for yourself, you can use code Tim for 20% off your one-time purchase at LiveMomentous.com/Tim. And not to worry, my non-US friends, Momentous ships internationally and has you covered.
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Using LinkedIn’s active community of more than 900 million professionals worldwide, LinkedIn Jobs can help you find and hire the right person faster. When your business is ready to make that next hire, find the right person with LinkedIn Jobs. And now, you can post a job for free. Just visit LinkedIn.com/Tim.
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[07:20] Buffett’s Snickers.
[12:21] What prompted Morgan to write Same As Ever?
[17:44] Morgan’s worst advice for aspiring writers is what works for him.
[21:48] The upsides of being rich and anonymous.
[26:35] Tips for raising unspoiled kids.
[33:19] Should families avoid passing along dynastic wealth?
[35:45] Finding worthy charities and causes.
[41:02] Money and happiness.
[48:37] Avalanches and other random, life-changing flukes.
[54:32] We can prepare for the future, but we can’t predict it.
[1:00:58] What current unknowns will seem shockingly obvious in a year?
[1:03:22] Which of our current views would change if our incentives were different?
[1:06:23] The most valuable personal finance asset.
[1:08:54] Optimizing the chance of marrying the right person.
[1:11:38] Mending divergence in a marriage or relationship.
[1:14:49] Trying to eliminate a hassle that’s an unavoidable cost of success.
[1:33:16] Guessing at the future of text vs. audio/video.
[1:37:41] Books vs. podcasts.
[1:46:56] Recommended reading.
[2:06:00] Has writing Same As Ever changed how Morgan operates in the world?
[2:07:39] Who is the intended audience for Same As Ever?
[2:09:47] Parting thoughts.
*
For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.
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Morgan Housel on the New Way We Think About Money
When generations undergo any kind of collective life-changing event, it shapes how people think about money -- and how they think about spending and investing. Past upheavals like the Great Depression, the World Wars, the inflation of the 1970s, and Weimar-era hyperinflation, had profound effects on the cohorts that lived through them. So what will be the effect of the pandemic on current generations? And what is the combined effect on people who lived through the pandemic, the Great Financial Crisis, and 9/11 in a span of less than 20 years? On this episode, we speak to Morgan Housel, personal finance expert and author of the bestselling book The Psychology of Money, on the lasting impact from these recent societal disruptions.
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The Psychology of Money — with Morgan Housel
Morgan Housel, a partner at The Collaborative Fund, and author of “The Psychology of Money,” joins Scott to discuss the behaviors to consider when it comes to building wealth and the importance of earning, saving, and investing. Follow Morgan on Twitter, @morganhousel.
Scott opens with his thoughts on Meta’s move to subscription + our society’s problem with ageism and sexism.
Algebra of Happiness: know how to de-escalate a situation.
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137 - The Psychology of Crypto with Morgan Housel
Morgan Housel is a Partner at the Collaborative Fund, financial writer, and New York Times Best Selling author of, “The Psychology of Money.”
He’s an avid student of markets and psychology. And Morgan articulately blends these two perspectives (and all of the many crypto parallels) together to give us timeless lessons on wealth, greed, happiness, and how to invest.
This is another classic Bankless fundamentals episode that you won’t want to miss.
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----- Topics Covered
0:00 Intro 4:49 Morgan’s Background 6:25 Crypto Investing Isn’t Unique 8:31 Psychology of Investing 15:22 Toxic Relationship with Money 22:14 Is it Bad to Talk About Money? 24:34 Nothing is Free in Crypto 34:05 How to Adapt to Volatility 39:45 No One is Crazy 45:52 Luck vs. Risk 51:38 Have Enough 55:25 Freedom 1:00:34 Compounding 1:04:24 Getting vs. Staying Wealthy 1:08:50 Reasonable vs. Rationale 1:13:28 People Change 1:15:33 Pessimism 1:19:33 Closing & Disclaimers
------ Resources:
Morgan Housel on Twitter https://twitter.com/morganhousel
The Psychology of Money: Timeless lessons on wealth, greed, and happiness https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681/
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Kanyi Maqubela - Dawn of the 21st Century - [Invest Like the Best, EP. 219]
My guest today is Kanyi Maqubela, co-founder of seed-stage VC firm Kindred Ventures, which he started with his partner Steven Jang in 2019. Before founding Kindred Ventures, Kanyi was a general partner at Collaborative Fund. In our conversation, we discuss the parallels between today and the Roaring ’20s of the last century, the misunderstood risk curve of seed investing, and dive deep into how Kanyi evaluates founders and businesses at the earliest stage of company formation. We also discuss Kanyi’s experience teaching the Design Your Life class at Stanford and how some of those principles convinced him to take the leap to start his own fund. I hope you enjoy my conversation with Kanyi Maqubela.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
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Follow us on Twitter: @patrick_oshag | @JoinColossus
Show Notes
[00:04:11] - [First question] - Understanding the roaring 20s and their potential resurgence
[00:06:14] - Seed-stage investing today compared to a few years ago
[00:09:02] - Lessons learned from studying the 1920s
[00:11:52] - Supply chain infrastructure in the 21st century
[00:14:49] - His investment philosophy and what influenced it
[00:17:47] - Defining the risk curve and early-stage divergence
[00:21:31] - Assessing risk in seed-stage investing
[00:23:32] - Other moments that influenced Kanyi’s investment philosophy
[00:26:50] - Assisting early-stage companies as a VC
[00:29:31] - How he approaches VC differently than traditional US VCs
[00:31:55] - Non-consensus ways and unique views when evaluating founders
[00:35:19] - Domain insight and its importance
[00:36:53] - What he looks for in a company when considering investing in them
[00:38:17] - Assessing a team in whether or not they have characteristics of longevity
[00:40:59] - Questions he most enjoys asking people
[00:42:24] - What makes for a good problem space
[00:44:26] - Early-stage crypto investing
[00:47:27] - How the crypto space and NFTs will change and influence other sectors
[00:50:37] - Emerging trends that are catching his attention
[00:54:20] - The potential for upward mobility in the coming decade
[00:56:30] - Teaching the Design Your Life course
[01:01:21] - Advice for modern investor-operators
[01:03:26] - If he could change one major thing in the industry
[01:06:57] - The biggest lesson learned from Obama’s campaign
[01:07:44] - The kindest thing anyone has ever done for him
Shark Tank with Thatcher Bell and Taylor Greene - [Invest Like the Best, EP.83]
We’ve always found that even in public equities, you learn more once you have a live portfolio. One of the best ways to learn is to put some capital at risk. For this episode, I asked two VCs to sit down with me and Brett and treat the conversation as they would a normal pitch meeting, so that we, the audience, can get a peek into their world and the types of questions they ask. The venture capitalists in question are Thatcher Bell, of CoVenture, and Taylor Greene, of Collaborative Fund. The first voice that you’ll hear is Thatcher, and the next person asking questions is Taylor. I began by asking Thatcher to give us a bit of background on how he approaches young companies before diving in with questions of his own.
Show Notes
3:12 – (First Question) – getting a flywheel business going
4:49 – Brett’s background and how that led to the formation of Ladder
7:58 – Breakdown of the product
9:29 – The sign-up process
10:29 – Key problem for each party of the ladder transaction
12:34 – Diving deeper into the problem of being a health coach
14:29 – How does Ladder differentiate itself from other apps that help people locate a trainer
17:01 – A deeper dive into the consumer using this product
20:28 – The accountability factor being the moat for Ladder
24:12 - How successful is the product right now in terms of recruiting new customers and trainers
28:38 – Their pre-launch interview and research process
31:49 – Going from hypothesis to product development
35:25 – What should founders think about when doing customer discovery, even after they have a product in the market
39:22 – Optimizing in the early stage of a business
43:24 – The defensive moat of a startup
46:20 – Their take on their ability to corner the coaches in this market
49:57 – Is there a side of the producer/consumer side of the equation that is more important.
55:42 – Getting and giving value to your supply, in this case the coaches
58:22 – How to view different phases of a business
1:00:43 – Growing the supply and demand so that neither side gets aggravated
1:02:28 – Market opportunity for Ladder
1:10:55 – Top 2 or 3 goals that Ladder has over the next 12-18 months
1:13:00 – Looking at Ladder, what are the strengths and weaknesses as a potential investment
1:20:40 – Pros and cons of a startup seeking institutional VC money
1:25:11 – Reviewing the pitch
Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]
My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short. Morgan shifted from public markets to the private markets a year ago when he joined the Collaborative Fund, so we begin with what he has learned about venture capital in his first year on the job.
For comprehensive show notes on this episode go to http://investorfieldguide.com/writers
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Books Referenced
The Devil's Financial Dictionary
Modern Monopolies: What It Takes to Dominate the 21st Century Economy
Thinking, Fast and Slow
Shoe Dog: A Memoir by the Creator of Nike
Life and Fate
Online References
A Rediscovered Masterpiece by Benjamin Graham
Rishi Ganti podcast
Small Companies Are Gone, But Should they Be Forgotten (Zweig Column)
Show Notes
1:43 – (First question) – Morgan on why he got disenchanted with the investment industry and shifted to venture capital
4:05 – Jason’s thoughts about investing in the private markets
5:19 - A Rediscovered Masterpiece by Benjamin Graham
7:57 – Morgan’s thoughts on how private market investments differ from public market investments
10:24 – Exploring valuations of businesses and what they say about broader trends in the market
13:21 – How much does Jason think about individual companies when exploring the overall market trends
18:41 – The Devil's Financial Dictionary
19:28 –What does it take to be a successful founder
23:40 – How does Jason look at activities that are work related vs just for pleasure
25:33 – If Jason had to start a business, what would he do
27:22 – What business would Morgan start
29:18 – Problems with the financial planning industry
30:56 - The role of stress in personal and business development
31:04 – Modern Monopolies: What It Takes to Dominate the 21st Century Economy
38:17 – Are there signs that let you know when to cut and run vs when to keep slogging along with something
42:02 – Thinking, Fast and Slow
44:03 – Shoe Dog: A Memoir by the Creator of Nike
44:20 – Principals to approach learning
50:10 – The idea of keeping your identity small in a world where social media encourages one-upmanship
53:56 – Last significant thing Morgan changed his mind about
55:23 – Why Morgan chooses passive investing with stocks, but as a VC, essentially is a stock picker in private markets
1:00:44 – Rishi Ganti podcast
1:02:14 – What major thing did Jason change his mind about
1:02:30 – Small Companies Are Gone, But Should they Be Forgotten (Zweig Column)
1:06:33 – What was the most interesting idea Jason and Morgan have been tackling and what data helped to spark that interest
1:09:32 – Life and Fate
Lauren Loktev, Kanyi Maqubela, & Craig Shapiro - Watching a Venture Fund at Work - [Invest Like the Best, EP.19]
This week’s episode features the partners of the Collaborative Fund, a venture-capital firm based in New York City. This is a unique, group interview with Lauren Loktev, Kanyi Maqubela, and Craig Shapiro that explores all aspects of their search and investing process, including how they identify thematic change in the world and then build a portfolio around those themes. The quality of a team is crucial to success in investing and this is a great example of a team with chemistry on a singular mission. They all offer great advice on how to operate a business, build a team, and find interesting new investments.
Also, stay tuned to the end for a bonus segment captured while the tape was still rolling.
Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/collaborative/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
Craig Shapiro – Better for You, Better for the World - [Invest Like the Best, EP.11]
This week Patrick takes a deep dive in the world of Venture Capital with Craig Shapiro, founder and CEO of the New York based Collaborative Fund, which was an early investor in companies like Lyft, Kickstarter, and Reddit. We cover Craig’s investing roots, his process for sourcing and evaluating investment opportunities, and the very useful “villain test.” Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/shapiro/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
Morgan Housel – Walking and Thinking - [Invest Like the Best, EP.04]
In this week’s episode, Patrick and Morgan Housel explore the differences between private and public market investing, how to foster innovation and creativity, how businesses are structured and organized, and how Morgan finds interesting books and topics to write about. Morgan is a prolific writer and researcher, who recently left the Motley Fool and is now a partner at the Collaborative Fund, a venture capital fund in New York City. Enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/housel/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
Episode 50: Kanyi Maqbuela
Kanyi Maqbuela is a partner at Collaborative Fund. In this episode, we discuss Kanyi’s personal story going from Stanford drop out to VC, how he’s navigated failures, built mentor relationships, and we also go broad: We talk about tech and the intersection of education, academia, non-profit, government, culture, philosophy, and much more. Edited by @Alexkontis Praise to @Km Constructive Criticism to @eriktorenberg
20 VC 094: Kanyi Maqubela @ Collaborative Fund on Rocketships, Feedback Loops and Turning Lemons Into Lemonade!
Kanyi Maqubela is a Partner at Collaborative Fund, who have made investments in AngelList, CodeAcademy, AltSchool, Reddit, Task Rabbit just to name a few. On a more personal note, and a little background on Kanyi, he is originally from Johannesburg South Africa, and was a founding employee at Doostang, a venture-backed peer-to-peer career marketplace, he attended Stanford University and as Kanyi states his most meaningful and difficult work done so far is his work on the Obama Campaign in 2008. You can checkout Kanyi's blog here! I would like to thank Mattermark for providing all the data and analysis for this interview and you can check them out here!
CLICK TO PLAY
In Today's Episode You Will Learn:
1.) How Kanyi made the move into VC and tech from South Africa?
2.) Was the decision to leave Stanford tough? Why would Kanyi advise others to say in school? What was so tough about the startup experience for Kanyi?
3.) What is the investing thesis at Collaborative Fund? What stage do you prefer? Average cheque size? Sector preference? Does specializing in themes result in higher returns?
4.) How is it being such a young partner in the industry? What are the challenges Kanyi has face? Does Kanyi think his age acts as a disadvantage when it comes to attracting older founders?
5.) What are Kanyi's personal marketing strategies that he uses to establish his own personal brand? What platforms are most effective?
6.) How effective does Kanyi find demo days and hackathons as source of deal flow? Are there any tips Kanyi would suggest to maximise their utility? What is Collaborative's most effective form of deal sourcing today?
Items Mentioned In Today's Episode:
Kanyi's Fave Book: The Brothers Karamazov
Kanyi's Most Recent Investment: CircleUp
As always you can follow Harry, The Twenty Minute VC and Kanyi on Twitter here!
If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here!
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